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Stock In News On September 8, 2020

Roshni Agarwal
·2-min read

Buoyed by positive SGX Nifty trend, Indian indices are likely to open in the green even as the tension along India-China border are getting worse. In early trade Asian stocks and US futures gained some ground after there was seen some rebound in European shares which went on to see whether tech stocks in the US will be able to recover their lost ground. But the tension along the India-China border could also be playing its part with firing reported. Here are the stocks in news today:

1. Bharat Dynamics:

Through the OFS, the government plans to divest 15% stake in the defence major. The centre owns 87.75% stake in the company and is willing to offload 2.71 crore shares. The floor price for the OFS has been fixed at Rs 330 per share, a 14% discount to Monday's closing price of Rs 384.50.

The OFS includes 1.83 crore shares in a base offer and another 91 lakh shares in case of oversubscription. Retail investors can bid for the OFS on Wednesday. Retail investors will get a discount of 20% over the cut off price.

2. Page Industries:

Page Industries that owns the famous Jockey brand on mutued earnings, weak Q1 quarter and now the latest improper labour practices is all in news. The stock since its results declared last Thursday has slid in price by 7% in comparison to 1.7% decline on the Sensex.

3. Reliance Industries:

After attracting massive investment from global strategic players into its digital Jio Platforms the company is reported to tap players like Facebook, KKR for investment into its retail venture. This is even as the FDI route is not available for multi-brand retail in India. The stock on September 7, 2020 closed end marginally higher at Rs. 2082.4 per share on the BSE.

4. Future Consumer:

Cash strapped Future group which recently pared its stake in its retail business to RIL has informed the exchanges that its Future Consumer company has defaulted on payment of principal redemption and interest on non-convertible debentures.

The current default amount includes principal of Rs 20 crore and interest of Rs 2.03 crore, payable annually,

5. Astrazeneca:

The stock has hit its 52-week high price for the second consecutive day on September 7, 2020 of Rs. 4489, gaining 15%. This is as its candidate AZD1222 is seen to lead in delivering the much awaited covid 19 vaccine.

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